Books and Persons; Being Comments on a Past Epoch, 1908-1911

"[...] Still, I am ready to believe that publishers have lost money over the six-shilling novel. I am acquainted with the details of several instances of such loss. And in every case the loss has been the result of gambling on the part of the publisher. I do not hesitate to say that the terms offered in late years by some publishers to some popular favourites have been grotesquely inflated. Publishers compete among themselves, and then, when the moment comes for paying the gambler's penalty...